Cryptomarket Analysis July 20

What happened with bitcoin, ethereum and dash rates over the past 24 hours.

Bitcoin (Bitcoin) remains in the high-volume $7,250 – 7,590 area and continues to gather steam. The more time bitcoin spends in this area, the faster it will get out of its borders. At night, we witnessed a test of the upper border of $7,590, so today it’s possible to see an attack at $7,250.

1. Bullish

Bulls may test the lower border of $7,250 with active buy-back and attack at $7,590. Then we can fix a movement to $7,700 – 7,800.

2. Neutral

Neutral scenario proposes a consolidation in the current range with tests of boundaries. If today the situation develops according to this scenario, at the weekend we can see a rapid buy-back (with a target of $7,800) at the moments of low liquidity.

3. Bearish

Bearish scenario has not changed. The main support lies in the $6,721 area. Buyers can also step up at $7,145 and $7,034.

Ethereum (ETH/USD) looks weaker than the market. Currently, the cryptocurrency is moving towards the target, provided by the bearish scenario of Thursday ($445). Today, consolidation in the $443 – 453 area seems most likely. The slowdown can be explained by the increased demand for ERC-20 tokens, many of which are traded in pair with ethereum. In the future it can send a bullish signal.

1. Bullish

Bulls expect to return to the $475 level with the possible test of $483. Some resistance may be seen at the $466 mark.

2. Neutral

Neutral scenario involves returning to the $463 – 470 area.

3. Bearish

Bearish scenario foresees a decrease to the $442 – 453 range with a subsequent consolidation.

Dash (DASH/USD) has tested the $272 mark and returned to the $257 – 263 area. The cryptocurrency is consolidating by repeating the dynamics of bitcoin. After the breakthrough of the resistance, we can witness a rather active growth (especially in case of typical buy-backs).

1. Bullish

In this scenario the main task for buyers remains a breakthrough of the resistance at $272. Further growth is likely to reach $292.

2. Neutral

Neutral scenario also remains the same and provides fluctuations in the $257 – 263 area with temporary attacks at $272.

3. Bearish

Bearish scenario has not changed since Thursday: a decline into the $242 – 252 area and a test towards the $238 direction.

Trading in the cryptocurrency market is associated with high risks and is not suitable for every investor. The above analysis should not be considered as a recommendation or a call to action. Each trader should assess the risks for themselves. Both the author and Insider.pro are not liable for the potential losses incurred.

By Yana Sher